The pandemic has made its own adjustments to business development and fintech startups have been affected. Nikita Izmailov, whose fund N1 is one of the most successful in Ukraine, talks about the future of this niche, which should be expected in the near future.
The modern fintech in Ukraine keeps up to date and forms its own trends. Experts say that in 2020 the volume of the domestic market will reach almost 650 million dollars. And given the dynamics of development, the figure will only grow. But what should we expect from the market now?
4 main trends
Digitalization of the banking sector and digital-only banking. It is worth noting that digital transformation is not a luxury or a fashion trend today. It really is a necessary competitive advantage, even a necessity.
Use of machine learning and AI
Today's financial and technical companies are trending in the niche of improving customer experience through machine learning as well as artificial intelligence.
Development of blockchain solutions and mobile technologies
Already in the near future it will be almost impossible to imagine insecure financial transfers, payments or simply digital identity verification. All of this is achieved through the use of blockchain technology.
It can be said that it is blockchain that acts as the foundation for the ecosystem of the future. It is through this approach that financial processes can be made transparent and secure. So, it is a must-have solution, not just a fad. More and more new payment systems and mobile banks appear over time.
And in this regard, Ukraine today is not lagging behind and can compete with the leaders.
Gamification
We can state unequivocally that the future belongs to a generation of young people. It's already a part of reality. All businesses, including fintech, should understand this and take it into account in their development strategies.
On the whole, the financial and technical industry is prone to the effects of gamification. It is not a fan thing, but it is necessary to maintain competitiveness in the market. And if you introduce gamification into products, you can attract a generation of young people. But it's important to understand that it's not just games and money; it's the real balance, which will make the routine an interesting thing to do.
As a successful example, we can highlight sportbank, which in a game-like manner gives customers the opportunity to receive funds for a variety of needs.
